Canadian ABCP Rescue Plan in Even More Disarray

The group that's trying to restructure the $33-billion in frozen asset-backed commercial paper confirmed that the plan will be delayed until the end of April, "as details of the plan, such as participation by Canadian banks, have yet to be nailed down amid crumbling credit markets.". BMO has reported that is it pulling out. CIBC keeps reporting bigger losses.

Nobody here is surprised. The deal is suffering the same fate as its even more troubled American counterpart Super Fund announced last year and never heard of again. The American plan also had comitted funds from the largest US banks, which we know, have no funds.